The concept of common law marriage originated in English common law. It typically involves a cohabiting couple enjoying the same or nearly the same rights as a legally married couple. Today, only a minority of states recognize common law marriages in the United States.
Divorces can be stressful, emotionally and financially draining, and sometimes even confusing. Some people do not understand how assets are divided in a divorce.
A trust amendment is a legal document that revises specific provisions of a revocable living trust or an “inter vivos” trust. It is only intended for making changes to specific provisions, while leaving the rest of the document in its original form and other provisions unchanged.
Traditionally, estate planners have split tenancies by the entirety in order to fund separate trusts for both spouses, with the aim of maximizing estate tax exemptions.
A joint tenancy cannot exist unless there is a present unity of interest, title, time and possession; that is to say, the interests must be identical, they must accrue by the same conveyance, they must commence at the same time and the estate must be held by the same undivided possession.
A prenuptial agreement (or a prenup) is an agreement signed before marriage that outlines what happens to each spouse’s financial assets in the event of divorce or death. This protects each spouse’s personal assets that they have inherited from family members, assets they have obtained before marriage, or income they have generated before marriage.